Saudi-based Moya App secures $2M in funding
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Saudi-based water solutions provider Moya App has successfully raised $2M in its latest funding round led by MLM Invest Company. Launched in 2019 by Abdulrhman Almustafa, Abdullah Alshuaibi & Ahmed Alkadi, the Moya-app is the first and largest hub focusing on delivering drinking water to customers of Saudi Arabia. Moya started as a marketplace but later added some of their vehicles and warehouses to enhance the customer experience.
As recorded in our August 2021 Venture Investment Dashboard, the Saudi startup ecosystem observed a 113% increase in funds raised YoY, driven by a 13% increase in number of deals closed in 2021 YTD. E-commerce startups in MENA have raised a stellar $79,6M over August 2021, observing a 572% growth in funding YoY, putting the Saudi-based water product marketplace in a comfortable position at one of the most funded industries in Emerging Venture Markets.
Moya-app launched as a marketplace, providing on-demand drinking water supply to homes, Mosques, and enterprises. Today, Moya has many products to serve customers including all drinking solutions such as drinking water, filters, water coolers, water tanks, beverages, and more. Abdulrhman Almustafa, CEO of Moya app expressed his pride in the Moya-app team for believing in the company’s vision of reshaping the water market with a higher quality experience. Abdulrhman stated, “the market is changing rapidly day by day, and being adaptable to this movement is mandatory.”
Moya App as a website and a mobile app connects customers to water providers and the various trademarks available in the market, including all varieties (mineral, fuzzy, or flavored water). Through the team’s newly acquired funds, the Saudi-based startup plans to drive its expansion plans in the Kingdom of Saudi Arabia and beyond, invest in and further develop its technical infrastructure, and add more value and services to its offerings.
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